WealthTrust Axiom LLC Holds Position in 3M Co. (MMM)
WealthTrust Axiom LLC continued to hold its stake in shares of 3M Co. (NYSE:MMM) during the second quarter, according to its most recent disclosure with the SEC. The fund owned 2,175 shares of the company’s stock at the end of the second quarter. WealthTrust Axiom LLC’s holdings in 3M were worth $380,000 at the end of the most recent reporting period.
Other hedge funds have also recently modified their holdings of the company. Founders Capital Management LLC raised its position in 3M by 0.4% in the second quarter. Founders Capital Management LLC now owns 1,916 shares of the company’s stock worth $336,000 after buying an additional 8 shares during the period. Gilman Hill Asset Management LLC raised its position in 3M by 0.3% in the second quarter. Gilman Hill Asset Management LLC now owns 2,440 shares of the company’s stock worth $427,000 after buying an additional 8 shares during the period. Capital Management Corp VA raised its position in 3M by 0.3% in the second quarter. Capital Management Corp VA now owns 3,889 shares of the company’s stock worth $681,000 after buying an additional 12 shares during the period. Kistler Tiffany Companies LLC raised its position in 3M by 0.5% in the second quarter. Kistler Tiffany Companies LLC now owns 3,769 shares of the company’s stock worth $660,000 after buying an additional 18 shares during the period. Finally, Colorado Capital Management Inc. raised its position in 3M by 1.7% in the second quarter. Colorado Capital Management Inc. now owns 1,400 shares of the company’s stock worth $245,000 after buying an additional 23 shares during the period. 65.66% of the stock is currently owned by hedge funds and other institutional investors.
3M Co. (NYSE:MMM) traded down 0.07% on Monday, reaching $170.21. The company had a trading volume of 1,229,184 shares. The firm has a 50-day moving average of $175.82 and a 200-day moving average of $173.41. 3M Co. has a 12 month low of $134.64 and a 12 month high of $182.27. The stock has a market capitalization of $102.87 billion, a P/E ratio of 21.72 and a beta of 0.99.
3M (NYSE:MMM) last announced its earnings results on Tuesday, July 26th. The company reported $2.08 EPS for the quarter, beating analysts’ consensus estimates of $2.07 by $0.01. The firm had revenue of $7.70 billion for the quarter, compared to analysts’ expectations of $7.73 billion. 3M had a return on equity of 41.84% and a net margin of 16.29%. 3M’s quarterly revenue was down .3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.02 EPS. On average, equities research analysts expect that 3M Co. will post $8.21 earnings per share for the current fiscal year.
A number of research firms have weighed in on MMM. Credit Suisse Group AG reissued an “outperform” rating and set a $186.00 price objective (up previously from $178.00) on shares of 3M in a research note on Thursday, July 28th. Jefferies Group reissued a “buy” rating on shares of 3M in a research note on Thursday, August 4th. Sanford C. Bernstein reissued a “market perform” rating on shares of 3M in a research note on Monday, June 27th. Deutsche Bank AG reissued a “hold” rating and set a $164.00 price objective on shares of 3M in a research note on Thursday, August 25th. Finally, Zacks Investment Research upgraded 3M from a “sell” rating to a “hold” rating in a research report on Wednesday, October 5th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the company. 3M has an average rating of “Hold” and an average price target of $166.20.
In other news, insider Paul A. Keel sold 3,180 shares of the firm’s stock in a transaction on Friday, July 29th. The stock was sold at an average price of $178.39, for a total transaction of $567,280.20. Following the sale, the insider now owns 9,961 shares in the company, valued at $1,776,942.79. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider James L. Bauman sold 9,066 shares of the firm’s stock in a transaction on Monday, August 1st. The stock was sold at an average price of $178.42, for a total value of $1,617,555.72. Following the sale, the insider now owns 10,834 shares in the company, valued at approximately $1,933,002.28. The disclosure for this sale can be found here. Company insiders own 0.58% of the company’s stock.
3M Company is a technology company. The Company operates through five segments. Its Industrial segment serves markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. Its Safety and Graphics segment serves markets for the safety, security and productivity of people, facilities and systems.
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